Yona Gushiken
The subtle yet bullish commendation of Shiba Inu by Ethereum founder and crypto visionary Vitalik Buterin has sent shockwaves through the Shib Army, sparking an electric wave of optimism. Contrary to skeptics who doubted SHIB’s ability to see astronomical gains because of its reputation as a well-established meme coin, current chart trends and technical indicators suggest that a bullish rally for Shiba Inu is not just possible but could be on the horizon.
The bullish sentiment surrounding Shiba Inu is poised for continuation, with momentum building as bulls begin to drive the price upward. This emerging trend signals robust confidence among investors, suggesting a promising trajectory for the crypto asset’s market performance in the near term.
This bullish outlook isn’t merely speculative; it’s grounded in concrete technical indicators and chart patterns of the jewel crypto asset of the Shib ecosystem. Backed by insights from seasoned crypto traders and analysts, the consensus emerges not from casual observation but from a rigorous examination of market dynamics.
Notably, a recent analysis of Trading View crypto analyst who uses the handle MBM_Crypto revealed earlier this week that Shiba Inu has surged past its resistance trendline, signaling an anticipated continuation of its bullish momentum. This technical breakthrough suggests a positive trajectory for the crypto asset, buoying investor sentiment and setting the stage for further gains. Interestingly, the crypto analyst updated their analysis on Wednesday, noting that SHIB is showcasing robust strength in the market.
The same observation was echoed by crypto analyst CryptoWizard who said that the bullish momentum for SHIB is gaining traction and is expected to go on, with a strong push from bulls expected to drive the price even higher. The substantial jump in the Relative Strength Index (RSI) for SHIB, soaring from below 50 to 70 within merely an hour, highlights an impressive surge in buying pressure.
This bullish indicator is further echoed in SHIB’s 30-day moving average, which has commenced its upward trajectory, signaling a resurgence of market optimism. Such movements in key technical indicators underline strong confidence among investors, pointing towards a positive outlook for SHIB in the market.
As of 11:44 a.m. ET on Thursday, Shiba Inu demonstrated a vibrant market presence, trading at $0.000032. This remarkable performance showcases a 5.60% increase in the last 24 hours, a 17.43% surge over the past seven days, and an astounding 186.01% growth in the last 30 days. Currently sitting on the 11th spot on CoinMarketCap, Shiba Inu boasts a live market capitalization of $18,763,980,947, supported by a circulating supply of 589,289,410,812,691 SHIB.
